Nazara Technologies Share Trades At 50% Premium In Grey Market Before March 30 Listing

Nazara Technologies, which became India’s first sports gaming company to be listed on Indian Exchanges, was subscribed 175.46 times, the second-highest subscription for 2021 after MTAR Technologies, and will be listed on the stock exchanges ♐on March 30.

The Raꦇkesh Jhunjhunwala-backed mobile gaming company offered ₹ 582.91 crore IPO subscription between March 17 and March 19 as the shares were sold in the price band of ₹ 1,100-Rs 1,101 per share.

According to MoneyControl, while Qualified institutional buyers and non-institutional investors put in bids 103.77 times and 389.89 times more than their reserved portion, retail ♏investors portion was subscribed 75.29 times and that of employees 7.55 times. The data available on IPO Watch, IPO Guru and IPO Central shows that the shares wer൩e trading at a premium of 50-59 percent, or Rs 550-650, in the grey market.

"The IPO hᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚas attracted a great deal of investors’ attention as this is a technology company mainly operating in the mobile games area. Also, it is backed by Rakesh Jhunjhunwala which seems to have provided it some creditability," Gaurav Garg, Head of Research at CapitalVia Global Research told Moneycontrol.

The company, which offers interactive gaming platform, eSports and gamified early learning systems including World Cricket Championship (WCC) and Carro🎶mClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, has posted a revenue of Rs 200 crore in the 🐎first half of FY21.